Bertelsmann outbid Rupert Murdoch’s News Corp in a contest for the publisher of Dan Brown, Hillary Clinton and Stephen King which Viacom put on the block earlier this year.
The merged entity would have a U.S. market share of less than 20%, making the transaction “approvable”, Rabe told reporters.“Bertelsmann is not just buying a book publisher, but buying market dominance as a book behemoth. Distributors, retailers, authors and readers would be paying for this proposed deal for a very long time to come,” Thomson added.
But overall U.S. book sales have been growing by a mere 1% a year, according to the American Association of Publishers, as readers are distracted by social media and other online formats. The lack of its own public equity to serve as an acquisition ‘currency’ has constrained Bertelsmann’s ability to chase big deals, even as tech giants led by Facebook and Alphabet’s Google suck up more ad dollars.
Because Simon and shit bag can’t funnel money in the US anymore.
Fraud involving Penguin Random House and Universal. Theft, plagiarism, GBH, unlawful death, criminal damage, criminal occupation of property- various crime reference numbers issued in connection with the fraud.
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